Urban Ladder narrows losses, revenue doubles

Expenses for the year also halved to Rs 232.73 crore, as the company slashed costs across the board. Under other expenses, it reported Rs 133.05 crore, a drop of 70%.

ET Bureau

January 02, 2019, 13:20 IST

NEW DELHI: Urban Ladder Home Decor Solutions, which owns and operates online furniture retail platform Urban Ladder, posted much-improved results for financial year 2017-18, after the SAIF Partners and Sequoia Capital backed company cut down on expenses.

On a standalone basis, for fiscal 2018, the company suffered a loss of Rs 118.66 crore, a drop of more than 74% compared to financial year 2016-17, when it posted loss of Rs 457.96 crore, according to documents filed by the company with the Registrar of Companies, and accessed by business intelligence platform Tofler.

Expenses for the year also halved to Rs 232.73 crore, as the company slashed costs across the board. Under other expenses, it reported Rs 133.05 crore, a drop of 70%.

Revenue for the year came in at Rs 151.21 crore, more than doubling from Rs 50.61 crore in fiscal 2017.

The improved financials come at a time when Urban Ladder, which also counts Steadview Capital as an investor, continues to face stiff competition from other risk capital-backed entities, such as Goldman Sachs-backed Pepperfry.

A recent Allahabad high court judgment may, however, provide some relief with the court ruling that there shall be no tax levied in case of purchases made at duty free stores at the arrival or departure terminals.